KEY FINDINGS

The global automotive paints and coatings market is projected to grow from $XX billion in 2018 to $XX billion by 2027, growing at a CAGR of 3.58% during the forecast period. The base year considered for the market study is 2018 and the forecasting years are from 2019 to 2027. The risen eco-friendly paints and coating requirement in the various industries is the prime factor responsible for the growth of the market across the globe. Furthermore, these automotive paints and coatings are not only used to enhance the appearance or for the purpose of beautification of vehicles, but also used as a preventive measure or protection layer for vehicles. These benefits are also responsible for the increasing demand of the market during the forecast period.

MARKET INSIGHTS

The automotive paints and coatings market is segmented on the basis of technology, coat type, vehicle type and geography. On the basis of coat type, the automotive paints and coatings market is segmented into base coat, electro-coat, clear coat and primer. The automotive paints and coatings market by vehicle type is further segmented into passenger cars, light commercial vehicles and heavy commercial vehicles. The varied technology equipped in the market are solvent-borne, water-borne and others. The increasing demand for eco-friendly paints and coatings from the automotive industry and the booming automobile industry are major driving factors for the growth of the automotive paints and coatings market. On the contrary, stringent regulations and policies by the government, environmental issues like VOC and CO2 emissions are restraining the growth of the market.

REGIONAL INSIGHTS

On the basis of geography, the automotive paints and coatings market is segmented into Europe, Asia-Pacific, North America and Rest of the world. Asia Pacific automotive paints and coatings market holds the largest market share in the global automotive paints and coatings. Europe is projected to be the second largest market for automotive paints and coatings due to the fastest market growth during the forecast period. North America is estimated to grow throughout the forecast period.